Canada's Husky gets more Chinese acreage

BEIJING, Aug. 8 (UPI) -- Alberta's Husky Energy Inc. has signed three petroleum contracts with the China National Offshore Oil Corp. for access to South China Sea tracts.

Under the terms of the contracts, Husky will drill one exploration well in each of the Ying Ge Hai blocks and two wells on what is designated as the 29/06 block, Husky said Tuesday in a statement.

Husky will fund 100 percent of the exploration costs, while Cnooc retains the right to back into any future development with a 51 percent interest.